While the investment objective stated in a fund''s prospectus may or may not reflect how the fund actually invests, the Morningstar Category is assigned based on the underlying securities in each portfolio. Morningstar Categories are designed to help investors and investment professionals make meaningful comparisons between funds. The Categories make it easier to build well-diversified portfolios, assess potential risk, and identify the top-performing funds. Morningstar places funds in a given category based on their portfolio statistics and compositions over the past three years. If the fund is new and has no portfolio history, Morningstar estimates where it will fall before giving it a more permanent category assignment. When necessary, Morningstar may change a category assignment based on recent changes to the portfolio.